The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-07-24
BROKERS' SIDE OF THE CASE
Members of the Stock Exchange Claim
that the Pulpit Misrepresents Them.
Wall Street Not Gambling Den but Place
Where Legitimate Business Is Done and
Much Service Rendered the Public.

NEW YORK, July 23.-Wall street, A name
TO conjure with, synonym of boundless wealth.
naelstrom of molten gold that swirls forever,
seizing all that comes within its grasp with
clutch that defies escape; dashinR to de-
struction on hidden rocks and throwing others
up to the dizzy pinnacle of the highest wave.
What a fascination it has to men and even
women who look at it!
Few outside of the street itself understand the
ways and methods of financiers and brokers,
can they tell how the sudden rise to wealth or
fall to poverty has happened. They do. per-
haps have q dim conception Of ways in
which manipulation may be applied to stocks to
make them shrink rise in value, but precisely
how such results may be brought about is what
khey profoundly ignorant of.
This ignorance has resulted in producing kind
of superstitious feeling against Wall street
among quiet people who have never speculated.
To them tn. Stock Exchange is the temple OF
the golden calf and all the brokers demented
worshipers.
The recent passage at arms between Could
Sage and Field has been made the occasion of a
spirited charge on the herds of Wall street by
several prominent clereymen in different parts
of the country. Indeed, for many years great
number OF preachers in the United States have
used the Stock Exchange and the brokers who do
business in it as kind of stock evil. When
there has been nothing else particular on hand
to denounce they have poured out the walls of
their wrath on Wall street, using it a synonym
for Sodom, and referring to the buyers and sell
of stocks and bonds as somewhat worse than
ordinary thieves and gamblers. Last Sunday
the subject the theme of scores of pulpits
on account of the recent furry.
Brokers are thick-skinned and can stand
good deal of denunciation, but it occurred to the
writer Of this article that it was about time to
give them an opportunity TO tell whether they
really were such bad men as the preachers made
out and what m ade them so, if they were bad,
and whether there hope of a religious
and moral revival among them. The writer
thought also that, seeing that the ministers had
been so frank in their expression of opinions
about brokers, the brokers might be induced to
be equally frank in expressing their views about
ministers. Therefore he set out on what proved
ID very interesting tour.
Mr. Washington E. Connor who was for SO
many years Mr.. Goulds partner. still carries
the business at the old stand, II Broadway. He
proved TO be a man who did not scruple to speak
his mind with great painness when the subject
and the questions it suggested were presented to
him. He said "A minister who is intelligent must
have broad mind and only give as facts what
he knows to be such. Statements coming from
any others not worthy of moments consid-
Grafton. i have never yet seen Wall street at
tackled the New York Stock Exchange assaulted
as q gambling institution by any man whose
intelligence could respect. / have the greatest
contempt for bigotry in any form, and
don't care for the opinions of bigots.
The business of Wall street is the
same as any other business-real estate,
for instance. Say man wants to buy i'm
proved piece of property for $4,000. He pays
&25 900 in cash and gives mortgage for the
balance. If his judgment is good and the
property advances he makes profit, and il his
Judgment is poor and the property depreciates
he makes a loss. Sometimes the depreciation
may be so great as to wipe out all the cash in
vested and not leave enough value to pay for the
mortgage. Now a man in Wall street selects a
railroad stock and invests $50. 900 in it. paying
one-haf cash, the broker who carries the stock
advancing the balance. If the purchaser selects
the stock of a railroad running through grow
ing center and one that is well managed he will
make a profit If on the other hand he does
not make a wise selection he will make loss.
To my mind the transaction in stocks and the
transaction in real estate precisely similar.
There is not any business in the world whore
men as honorable and true to their words as
the men of Wall street Transactions involv-
ing millions of dollars in value are made every
day by mere verbal agreement and dispute Of
any kind amowg the parties making such a tran
saction is very l dislike very much to
meet a question of this kind because / think il
who do take the trouble to become
acquainted with facts 1t is
very simple thing to start evil rumor.
Most people seem to be born with disposition
without malicious
ment that may be made about individual or
individuals. The ministers have no more right
to condemn brokers body for the
faults of few than the brokers have to con-
denim the ministers for the and sins
which members of their body occasionally com
NIT, much to the scandal of the community
This is a great country, developed by railroads.
To have railroads you must have securities like
stocks and bonds, and TO sell the stocks and
bonds you must have brokers' To tell the
truth. l don't pay any more attention to the
utterances of preachers who attack Wall street
than do to the utterances of the Anarchists,
Herr Most and Schwab and the others. They
condemn a class upon the word of and
they never take the trouble TO find out whether
not he is speaking the truth. respect such
ministers and their congregations just as much
as do the Anarchists and not one bit more"
Mr.. James D. Smith, president of the New
York Stock Exchange, was enjoying the fra
GRANGE Of fine cigar in his office IN the Mills
Building Broad street. near Wall, where the
writer sralked him. After promising that he
was the of minister and, therefore, wanted
TO go IgnL on the parsons, ne saO: OF u llttls
more than twenty years have been a broker
and banker in Wall street Before that time
had been engaged in mercantile pursuits. have
been much about the world and have associated
with all classes of society and have never met
more honorable, Industrious, intelligent, chart
table and consistent class of men than the
brokers of the New York Stock Exchange.
Their word is their bond. and they live up to
their agreements with the utmost good faith
The business ntrussed brokers is the most
Important we have In the country, for by means
or IL the greatest business interests of the
country are established. the Exchange is the
pulse. the heart and the being OF the financial
and industrial interests that help to make the
United States what it is at least is
destined TO become, the great financial arena of
the world.
I'm regard to the so-caled gambling in stocks
which Is animadverted upon by some individ-
uals. il is generally found that il comes from
people who have taken what is called flyer
for expected rise which did not come.
The venture has proved ill-tlmed and mariana